The utilization of crypto and related technologies in the world of gambling is not an entirely new thing. Still, there is so much to be discovered in the sector. New entrants debut innovative technologies and products regularly and this is what keeps it going. For poker players, it is now more apparent than ever that crypto is a huge part of the industry.
As part of an ambitious plan to further unite poker players and crypto enthusiasts, PokerFi.Finance has come up with an innovative approach for financial transactions in live and online poker. The main goal of this is to bring more awareness about crypto to poker players. It further provides this group of people with an incredible system through which they can earn some passive income. This should further give more people more reason to be a part of it.
How It Works
PokerFi.Finance which is also referred to as Poker Finance token is essentially a digital currency. It is linked to BEP-20 on the Binance Smart Chain and is built on a foundation of three ideas. That is to improve Decentralized Finance (DeFi), offer great poker games and deliver a deflationary system.
The deflationary nature of the system will likely be the most eye-catching thing for many people. That is because it means that the token holders will be able to earn in dollars with dividends and they will not have to sell their coins to make that possible. As for the actual figures, PokerFi.Finance token holders will have the chance to earn a 6 percent fee for every transaction. A 3 percent share is automatically distributed every 12 hours to everyone with over 35,000 coins in their token wallets.
When it comes to actual poker gaming, the users of the PokerFi.Finance platform also have a lot to look forward to. The players will get the chance to rake back up to 70 percent of their spend on the site. This is paid out weekly in $BUSD. In addition to that, the side features an amazing loyalty program. Referred to as the PointFi rewards program, it is made to cater to all users with accounts on the site. Once registered, the players get 1FP for every $1 wagered.
The total rake of the site will contribute to growing the value of the PokerFi.Finance token. 2 percent of the total rake is dedicated to that goal. Players still can get to reap the benefits of this too. Qualifying players will receive a 5 percent share of the total rake.
The gambling and digital currency ecosystems are increasingly becoming intertwined in ways that would not have been imagined. This is partly because of all the interest and buzz that the sectors have been amassing as they continue growing. One of the most recent and most notable developments in this regard is a venture by Ascensive Assets, an investment firm that is led by ex-professional poker players.
The investment fund has been able to raise a whopping $130 million fund. This is aimed at taking on the rapidly growing decentralized finance (DeFi) market. It is not the first time that the firm is taking its chance on the market. In 2019, it managed to raise $24 million, a move that was backed by notable brands like Benqi, JennyDAO, Polkaswap, and Yield Guild Games.
Most of Ascensive Assets’ investors are high-net-worth individuals from Asia who are connected to the world of professional poker and gambling. This is not too surprising but it certainly represents an increasing level of interest in the burgeoning DeFi sector.
The Investment Plans
According to Ascensive Assets partner Oliver Blakey, the firm already has plans for how the fund will be utilized. About 30 percent of the fund will be used to invest in early-stage startups. The remaining amount will then be used to strengthen their investment from the first fund. There are, of course, elements of uncertainty. Still, that is a norm in the world of investments. Gambling is also clearly entrenched in the firm’s DNA.
“We have made some awesome investments; we’ve also made some terrible ones. I think about this industry as a kind of hybrid of venture capital and a hedge fund; it’s somewhere in the middle,” Oliver Blakey commented.
It will be very interesting to see how all this pans out for the firm. The confidence that they have might be an indication of where the sector is headed.
The Future of DeFi
Decentralized finance (DeFi) has had a resurgence recently and it is growing fast. Initially, decentralized finance was adopted mostly by smaller businesses. However, now it seems like the larger players in the transaction banking industry see it as a significant growth area. The technology has proven to be a great way of strengthening existing market trends. These are particularly good for permissionless access as well as interoperability.
Going forward, we can expect a lot more adoption of the technology. Many big names are warming up to it and that should be enough to take it all to the next stage.